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Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Valero Energy Corp. (NYSE: VLO), where a total volume of 41,736 contracts has been traded thus far today, a contract volume which is representative of approximately 4.2 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 51.8% of VLO's average daily trading volume over the past month, of 8.1 million shares. Particularly high volume was seen for the $52.50 strike put option expiring March 18, 2016, with 6,356 contracts trading so far today, representing approximately 635,600 underlying shares of VLO. Below is a chart showing VLO's trailing twelve month trading history, with the $52.50 strike highlighted in orange:

Apple Inc (NASD: AAPL) saw options trading volume of 310,905 contracts, representing approximately 31.1 million underlying shares or approximately 48.5% of AAPL's average daily trading volume over the past month, of 64.1 million shares.

Especially high volume was seen for the $95 strike call option expiring February 05, 2016, with 13,194 contracts trading so far today, representing approximately 1.3 million underlying shares of AAPL. Below is a chart showing AAPL's trailing twelve month trading history, with the $95 strike highlighted in orange:

And Pfizer Inc (NYSE: PFE) options are showing a volume of 179,253 contracts thus far today. That number of contracts represents approximately 17.9 million underlying shares, working out to a sizeable 47.1% of PFE's average daily trading volume over the past month, of 38.1 million shares.

Especially high volume was seen for the $28 strike put option expiring January 20, 2017, with 46,457 contracts trading so far today, representing approximately 4.6 million underlying shares of PFE. Below is a chart showing PFE's trailing twelve month trading history, with the $28 strike highlighted in orange: